02505cam a22002777 4500001000600000003000500006005001700011008004100028100002300069245019100092260006600283490004100349500001900390520120300409530006101612538007201673538003601745690011701781690009701898700002101995700002002016710004202036830007602078856003702154856003602191w7437NBER20171213213935.0171213s1999 mau||||fs|||| 000 0 eng d1 aMairesse, Jacques.10aFirm-Level Investment in France and the United Statesh[electronic resource]:bAn Exploration of What We Have Learned in Twenty Years /cJacques Mairesse, Bronwyn H. Hall, Benoit Mulkay. aCambridge, Mass.bNational Bureau of Economic Researchc1999.1 aNBER working paper seriesvno. w7437 aDecember 1999.3 aOur two related goals in this paper are the following: Firstly and mainly, we want to examine the effects of major changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment equations using panel data. Secondly, we try to assess whether the differences in the estimated investment equations, as between recent years and ten to twenty years go in the French and U.S. Manufacturing industries, are real' and economically meaningful. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior in recent years versus ten to twenty years ago. Although the important econometric advances of the past twenty years have been far from being as successful as we had hoped for, we do find some significant improvement in the specification, estimation and interpretation of firm investment equations; we also fin some real changes in the investment behavior of French and U.S. firms during these twenty years. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aE22 - Investment • Capital • Intangible Capital • Capacity2Journal of Economic Literature class. 7aC33 - Panel Data Models • Spatio-temporal Models2Journal of Economic Literature class.1 aHall, Bronwyn H.1 aMulkay, Benoit.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w7437.4 uhttp://www.nber.org/papers/w743741uhttp://dx.doi.org/10.3386/w7437